The Chinese government plans to convert the 5.4 acre site, which sits opposite the Tower of London, into the country’s new UK embassy.

The sale comes less than two years after the Delancey and LRC joint venture received the go-ahead for a £750m, 600,000 sq ft office scheme offering 50% more net office space than the site currently has. Alongside this, there is planning permission in place for a wider refurbishment and part redevelopment including new retail and leisure accommodation, 1.8 acres of landscaped public realm.